The Board of Directors of Carter’s, Inc. announced that as part of the Board’s ongoing review of opportunities to improve the Company’s capital structure and return capital to shareholders, it has approved a new $400 million share repurchase authorization, bringing the Company’s total repurchase authorization to $700 million. As of August 22, 2013, the total remaining capacity under the authorizations was approximately $670 million.
The Board also declared a quarterly dividend of $0.16 per share, payable on September 13, 2013, to shareholders of record at the close of business on September 3, 2013.
The share repurchase authorization announced permits the Company to repurchase shares of its common stock through various means, including accelerated share repurchase programs, with the level and timing of activity being at the discretion of the Company's management depending on market conditions, stock price, other investment priorities, and other factors. The share repurchase authorizations have no expiration date.
Future declarations of quarterly dividends and the establishment of future record and payment dates will be at the discretion of the Board based on a number of factors, including the Company's future financial performance and other considerations.
About Carter's, Inc.
Carter's, Inc. is the largest branded marketer in the United States of apparel and related products exclusively for babies and young children. The Company owns the Carter's and OshKosh B'gosh brands, two of the most recognized brands in the marketplace. These brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally.